KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
Real Estate
realestate_construction640_ap.jpg
About 74 percent of the homeowners say they plan to hire a general contractor for all or some of the remodeling work.

More 'weekend warriors' turn to remodeling contractors

More Americans are opting to renovate their homes and are hiring contractors instead of doing the project themselves, Bloomberg News reported.

It's a "strong year" for home improvement spending, says Mike Englund, chief economist at Action Economics LLC in Boulder, Colorado. He said that seasonally-adjusted annualized expenditures have risen from about $105 billion in November 2012 to about $136 billion in June.

More homeowners say they plan to renovate their homes this year. Forty-three percent of home owners surveyed last month said they plan to renovate this year, up from 41 percent in February, according to a survey by RemodelOrMove.com. For the past five-years, the percentage had been averaging 33 percent in the survey.

What's more, 74 percent of the homeowners say they plan to hire a general contractor for all or some of the remodeling work.

A continued improvement in home prices "will add valuable equity to homeowners for future remodeling projects," James Metcalf, chief executive officer of USG Corp., said on a recent conference call.

Some homeowners have refinanced their mortgages, taking advantage of lower interest rates the past year. As such, "some people are feeling richer and better about the economy" and are more willing to take on large-scale projects that they may have put off during the recession, said Russell Price, senior economist at Ameriprise Financial Inc.

Top Stories

  • 'Trying to Survive'
    The Hells Angels Motorcycle Club gathers as it desperately tries to grow its membership

  • Resurgence Is Real
    Pioneer Square, Seattle's oldest neighborhood, is booming
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Listen to the show
Hear Real Estate Today on KIRO Radio
Join Tom Kelly every Sunday at 9am on KIRO Radio to talk Puget Sound real estate.

Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.